TORONTO, Sept. 13, 2016 /CNW/ - Smoothwater Capital Corporation ("Smoothwater") announced today that it acquired on September 12, 2016, through the facilities of the TSX Venture Exchange, ownership of 678,000 common shares of Alberta Oilsands Inc. ("AOS") (representing approximately 0.32% of the issued and outstanding common shares of AOS) at an average price of $0.12 per share.

On September 13, 2016 Smoothwater acquired, through the facilities of the TSX Venture Exchange, ownership of 312,000 common shares of Alberta Oilsands Inc. ("AOS") (representing approximately 0.15% of the issued and outstanding common shares of AOS) at an average price of $0.12 per share.

After giving effect to these purchases, Smoothwater now owns an aggregate of 33,818,099 common shares of AOS, representing approximately 15.91% of the issued and outstanding common shares of AOS.

Based on public filings, Smoothwater is now the largest shareholder of AOS.

Smoothwater acquired common shares of AOS for investment purposes and may, from time to time, on an individual or joint basis, acquire additional securities of AOS, dispose of some or all of the existing or additional securities it holds or may continue to hold their current position. Smoothwater may, from time to time, on an individual or joint basis, take such actions as it considers necessary or desirable to pursue such objectives, subject to applicable law.

For more information and updates, including a copy of this press release and the related early warning report please visit www.smoothwatercapital.com.

This news release is issued pursuant to the early warning requirements of applicable Canadian securities laws. Smoothwater will file early warning reports in accordance with applicable securities laws, copies of which will be available on SEDAR at www.sedar.com or upon request to Smoothwater.

About Smoothwater Capital:

Smoothwater Capital Corporation is a leading Canadian activist investor, focusing on investing in small to midcap Canadian public companies where there is an identifiable path to significantly improve shareholder value. Smoothwater works to effect change in targeted companies, often collaboratively with institutional and other like-minded investors who hold material positions but are not able to take on the time consuming and costly activist role.